The TRUMP token, a meme coin inspired by former US president Donald Trump, surged on Wednesday morning as the crypto market looked to bounce following Tuesday’s dump.
MAGA (TRUMP), the largest Trump-related memecoin by market cap, rose from lows of $11.86 to trade above $13.30 (at the time of writing).
CoinGecko data showed TRUMP price was up 9% in the past 24 hours and trending higher following recent memecoin bloodbath.
Trump meets Bitcoin miners
On Tuesday, several prominent US-based Bitcoin miners, including executives and representatives of CleanSpark, Marathon Digital and Riot Platforms, met with Donald Trump.
Trump told attendees that his administration will support the Bitcoin mining industry in the US, working with the sector to make America the leader in BTC mining.
The American Mining Industry, including 3 of the top 5 largest miners in the world, met with Donald Trump to discuss Bitcoin’s future in the USA! 🇺🇸 pic.twitter.com/hM5o9HF8cG
— The Bitcoin Conference (@TheBitcoinConf) June 12, 2024
What did Trump say?
Trump reiterated the pledge on his Truth Social account, noting that Bitcoin mining may be the United States’ “last line of defense” against a central bank digital currency (CBDC).
“We want all the remaining Bitcoin to be made in the USA. It will help us be energy dominant,” he added.
The remarks have attracted even more support across the Bitcoin and crypto community.
Many are contrasting his stance with that of President Joe Biden. While Biden’s administration has taken a largely negative approach to crypto, Trump is increasingly winning over crypto votes.
“President Trump will protect your right to own Bitcoin, to mine Bitcoin, to transact with Bitcoin, and for many of us, to work in the Bitcoin industry,” Riot Platforms’ head of Public Policy Brian Morgenstern said.
PolitiFi memecoins spike ahead of November election
Donald Trump recently made history as the first US president to accept Bitcoin Lightning Network donations. His crypto wallet also soared amid vast crypto donations following the guilty verdict in New York earlier this month.
Trump’s pledges, including a promise to free jailed Silk Road founder Ross Ulbricht and supporting self-custody for crypto holders, Trump has generally modeled himself as the “best choice for crypto.”
It’s this pro-crypto stance that is attracting cryptocurrency holders to his campaign.
Meme coins that have cropped around the political scene have been some of the biggest movers in recent months – most of them inspired by or supporting Donald Trump’s bid to win the 2024 US presidential election.
While Trump’s crypto wallet took a hit as most memecoins dumped this past week, its value could soar as a resurgent Bitcoin sparks a potential rally for the market.
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